Taiwan Declares War on Confidential Crypto Operations
The Taiwan Parliament approved amendments to the law in force, which will enable the regulator to oppose private crypto operations.
The island state’s parliament, the Legislative Yuan, has adopted a draft in which digital asset transactions are now subject to functioning income laundering regulations.
The amendments to the bill will give the Taiwan Financial Control and Management Commission (FSC) the ability to require crypto exchanges to integrate the “real name” system for users (KYC).
If crypto exchanges and exchangers do not fulfill the requirements, banking institutions will be able to reject private crypto currency transactions and report suspicious transactions to the Commission.
The Taiwan Ministry of Justice has already assured that updating the legislation strengthens global standards for combating money laundering in the state, but also makes the internal system rigid.
Recently, the Financial Action Task Force on Money Laundering, an international organization based in Paris, announced that by the summer of 2019 it would begin to put forward the rules on the basis of which digital assets should be regulated. It is worth noting that in the spring, Taiwan's Minister of Justice Qiu Taisan called for the introduction of regulations for regulating digital assets in the state before November.